Sticker Shock at the Pumps

Commuters received a rude awakening Tuesday morning when they pulled into gas stations. The price per gallon made a huge leap overnight causing sticker shock among drivers.

The price per gallon in Kearney for regular unleaded was $2.91 on Monday. Today’s price is $3.09.

The price of crude oil is the primary culprit in the latest leap in gas prices. Crude is trending daily at over $80 per barrel. In August when demand is high, the price per barrel was only $60.

 “Compared to the price of gas a year ago, it now costs consumers about $17 more to fill up their vehicles,” said Andrew Gross, AAA spokesperson. “That’s the cost of a large pizza with toppings. And unfortunately, it doesn’t look like drivers will be finding relief at the pump any time soon.”

The Energy Information Administration shows last week’s total domestic gasoline supply fell by 2 million barrels to 223.1 million barrel. Gasoline demand also fell from 9.43 million barrels per day to 9.19 million barrels per day, but the agency calculates it is still some 610,000 b/d above last year. Typically, softening demand should result in some easing of pump prices, but the higher cost for crude is blocking this. 

KPGZ News - Brian Watts contributed to this story